Latest news with #TFG
The Citizen
5 hours ago
- Business
- The Citizen
Big payday at TFG: Here is how much the CEO and staff received
On top of the salary increase, CEO Anthony Thunström also received a bonus worth millions of rands. In a time where most South Africans are not prioritising clothing, The Foschini Group (TFG) has gone for a bold move and given its employees, including the CEO, salary increases. Is fashion doing that well? Despite everyone receiving an increase, the pay gap between the CEO and ordinary staff members is still mind-blowing. TFG operates a wide range of retail brands, including clothing, jewellery, tech, and furniture. Some of the well-known brands under TFG are Foschini, Markham, Sportscene, Totalsports, @home, Jet, The Fix, and Hi. Recently, TFG established an online platform, Bash, to sell their products with Luke Jedeikin and Claude Hanan. The two men are the founders of Superbalist, which was later sold to Takealot. The group is also known for offering qualifying young adults accounts where they can make purchases and pay back the retailer over a six-month or more period. ALSO READ: Foschini Group's online platform, Bash, boosts sales TFG increases staff salaries Dineo Noganta, Head of TFG Communications, told The Citizen that for the financial year 2025, CEO Anthony Thunström received a 5% increase, and so did the general staff and management. However, store and distribution centre employees' wages received a higher increase of 6%. Without revealing the amount, she added that the lowest store employee earns higher than the retail Sectoral Determination minimum wage due to the benefits they receive. 'The lowest store employee earns a basic pay aligned with the retail Sectoral Determination minimum but also receives benefits, which increase their pay to 50% higher than the retail Sectoral Determination minimum wage.' TFG gives CEO bonus While Thunström received a lower increase than other employees, he still outearns them. On top of the 5% increase, he also received a bonus of R4.1 million. A CEO's salary is typically set by the board of directors, which oversees the company's strategic direction and governance. The board assess the CEO's performance and sets remuneration in alignment with company goals and values, taking into consideration the individual's experience, the company's size and growth, and key performance metrics. ALSO READ: Capitec CEO tops banking pay charts — but how do staff salaries compare? A look at how SA's top five banks pay Breakdown of CEO salary According to the group's remuneration report for the year ended 31 March 2025, Thunström's guaranteed salary increased to more than R16 million after the 5% increase. His package deal includes an annual incentive worth more than R10 million. This is a bonus given based on the company's performance. He also received a deferred incentive worth more than R16 million. This is a bonus that will only be given to him at a later stage. Deferred incentives differ according to an agreement between the CEO and the company. The report also showed that Thunström received dividends worth more than R1 million. His salary package cost the company more than R44 million. However, this is lower than the R63.8 million he received in 2023. A strategy to retain talent? It is normal for the remuneration of one executive to exceed the combined salaries of ten staff members, due to differences in qualifications, experience, and responsibilities. Therefore, the difference in salaries is surely justifiable. But to what degree? David Shapiro, Sasfin Securities global equities strategist, told News24 that it is difficult to establish if the pay received by CEOs was worth it or not. He highlighted that there have been major increases in executives' pay across most companies listed on the Johannesburg Stock Exchange (JSE). Shapiro is of the view that to some extent, the increases are being fuelled by companies trying to keep up with one another and retain their CEOs. NOW READ: Pick n Pay CEO receives the highest salary in retail. Here's how much others get
Fashion United
17-07-2025
- Business
- Fashion United
Hobbs owner TFG appoints new chief product officer
TFG London has appointed a new chief product officer. To fill the role, the London-based fashion conglomerate looked to its own portfolio, tapping the product director of Hobbs for the position. Sally Ambrose will now be joining TFG with immediate effect, reporting to chief executive officer Justin Hampshire. In her new role, Ambrose has been tasked with overseeing all aspects of TFG's product and brands, including strategy, planning and execution. She will also be responsible for driving product development at Hobbs, Whistles and Phase Eight. In a statement, Hampshire said Ambrose's appointment marks 'an exciting new chapter for TFG', with her 'deep understanding of our brands, customer-first mindset and proven ability to lead with creativity' making her the 'ideal person to shape the next stage of our product journey'. Ambrose had been serving as product director for Hobbs for six years, where she was credited with delivering 'successful growth of the brand both in the UK and internationally'. Prior to Hobbs, she had held the role of head of buying for women's clothing and childrenswear at The White Company and had worked in a variety of buying-focused roles at Marks & Spencer. In her own statement, Ambrose said she was thrilled to be stepping in as CPO, calling it a 'privilege to lead the exceptional teams' across the group's portfolio. She added: 'I am excited to build on the strong foundations to further grow our brands through distinctive, innovative, customer-focused product strategies.'
Yahoo
11-07-2025
- Business
- Yahoo
What Everton business reshuffle could mean for sale of women's team
Changes within Everton's business structure are intended to help the club's women's side deal with greater external investment, club sources state. Documents filed with Companies House point to a separation of interests between the club and subsidiaries linked to Everton Women and Goodison Park. Advertisement Blues insiders claim the intention is to handle the greater investment in Everton Women that is expected after the move to Goodison and with new owners The Friedkin Group (TFG) intent on raising its profile. Another consequence is the changes could make it easier for TFG to sell its women's team and Goodison Park within its network of businesses. Paperwork submitted to Companies House, made public on Tuesday, amounted to the removal of any undertaking from Everton to the separate entities of Everton Football Club Women Limited and Goodison Park Stadium Limited. READ MORE: Everton John McGinn transfer approach dismissed as David Moyes seeks midfield boost READ MORE: Thierno Barry set for Everton medical after £27.5m transfer agreed Advertisement Each of those companies remains within the wider club portfolio and one consequence of the changes is that investment in Everton Women can not be used as security for lenders to the wider business. Club insiders say the amendments - and the recent creation of another company within the Everton network, EFCW Holding Company Limited - represent a restructuring that would allow for the club to better manage the increased external investment expected in Everton Women. TFG are understood to be determined to back Brian Sorensen's team and signed off a tranche of signings to boost its hopes in January, including the acquisition of France international forward Kelly Gago. That investment has continued into the summer with Sorensen and his assistant, Stephen Neligan, both being handed new deals. Japan centre-back Rion Ishikawa signed this week, following further recruits Rosa van Gool and winger Ornella Vignola as TFG look to inspire progress for Everton Women having signed off on the team's move to historic Goodison Park for next season. Roma Women won their first league title under investment from TFG, which added Everton to its portfolio of clubs in December. Advertisement The internal workings of the club are said to be part of a restructuring process designed to leave Everton Women better prepared for investment as it enters a new era. The moves could also make it easier for Everton Women and Goodison to potentially be sold within the Friedkin Group, however. Chelsea and Aston Villa have both moved to sell their women's teams to their parent companies in recent years. In both cases, the agreements provided a significant boost to the clubs' positions in relation to the Premier League's spending rules, the Profitability and Sustainability Regulations (PSR). A sale can be included in a club's accounts even if it takes place after the June 30 PSR cut-off providing that, in principle, a deal had been agreed in time.
Zawya
10-06-2025
- Business
- Zawya
South Africa: End of tax loophole for Shein and Temu starting to have impact, say local retailers
South Africa's closure of a tax loophole that benefited global discount e-commerce retailers Shein and Temu is starting to show positive signs as some consumers reject the higher prices, the CEOs of local fashion retailers Mr Price and TFG said. Last November, South Africa's tax authority ended the practice known as "de minimis", which allowed companies to drop-ship packages valued at less than R500 rand from suppliers in China to consumers in South Africa, paying a flat rate of 20% in lieu of customs duties, and no VAT of 15%. Other markets including the United States, Britain and the European Union are also closing or planning to close loopholes that have given low-cost online platforms like Shein and Temu, owned by PDD Holdings', pricing advantages. "There's nothing punitive about them, it's just levelling the playing field so that everybody trading in South Africa and importing products pays exactly the same duties," TFG CEO Anthony Thunström told Reuters in an interview after the company's earnings release. Both Thunström and Mr Price CEO Mark Blair said it was difficult to get official data to quantify the exact impact on the fast-fashion giants. "But our understanding is that the closure of that loophole has significantly slowed down some of the international pure play online into South Africa," Thunström said. Local brick-and-mortar fashion and e-commerce retailers had urged South African regulators to impose a 45% import duty on all clothing imports, no matter the price, to level the playing field. "One thing all of us have seen on Shein is the social media outrage that's now taken place because of higher prices, so it does make us feel comfortable that the new legislation has been applied correctly," Blair told investors during an earnings presentation. "I think it's still a bit erratic, not across the board and if I look at our own e-commerce sales, it grew slightly ahead of our store sales, so there must be some positive impact," he added. Mr Price and TFG are also investing in technology and enhancing product ranges as they bid to gain market share. Mr Price also added that it expects to invest R1.6bn this financial year ending March 2026 in about 200 new stores, supply chain, store revamps and technology, while TFG said it plans to open over 100 new stores. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Fibre2Fashion
10-06-2025
- Business
- Fibre2Fashion
South Africa's TFG posts strong FY25, plans 100+ new stores in FY26
The Foschini Group (TFG) has reported a 4.1 per cent year-on-year (YoY) increase in Group revenue to R62.6 billion (~$3.51 billion) for the year ended March 31, 2025, driven by a strong second-half performance and the acquisition of UK brand White Stuff. Gross profit climbed 6.7 per cent to R28.8 billion (~$1.61 billion), with margins improving by 150 basis points to 49.4 per cent. Operating profit also hit a new high of R6.2 billion (~$347 million), up 4.4 per cent, TFG said in a media release. TFG Africa, contributing nearly 70 per cent of total Group sales, delivered a 7 per cent rise in second half (H2) sales, resulting in 3.7 per cent growth for the full year. Online sales surged 43.5 per cent, accounting for 5.8 per cent of regional sales. Growth was led by womenswear, beauty, and jewellery, as well as improved performance in recently acquired brands Jet and Tapestry. TFG London saw sales jump 15.3 per cent YoY, boosted by the acquisition of White Stuff in October 2024. Excluding the new acquisition, sales fell 9.5 per cent. Online sales now account for 44.8 per cent of TFG London's total, while overall gross margin rose to 65.5 per cent due to fewer supply chain disruptions and improved cost control. In contrast, TFG Australia faced a 6 per cent drop in sales, largely due to weak consumer spending and weather-related disruptions. However, EBIT before brand impairment held strong at AU$81 million (~$52.57 million), with online sales rising 7.3 per cent. TFG's basic earnings per share (EPS) rose by 4.9 per cent to 980.6 cents (~$0.55), and headline EPS increased 4.6 per cent to 1,015.6 cents (~$0.57). The board declared a final ordinary dividend of 230 cents per share (~$0.13), up 15 per cent from the previous year. A preference dividend of 6.5 cents per share was also announced. Looking ahead, the group expects to build on its strong FY25 momentum despite varied economic conditions across its markets. In South Africa, early signs of improvement in inflation, interest rates, and fuel costs support cautious optimism, although consumer confidence and loadshedding risks persist. TFG Africa's sales rose 9.9 per cent in the first eight weeks of FY26, aided by strong online growth and operational efficiency from the nearly fully operational Riverfields distribution centre. Over 100 new store openings are planned for the year, along with continued investment in the profitable Bash platform. In the UK, White Stuff remains a key growth driver, with the broader portfolio showing early signs of recovery as Spring/Summer trading improves. TFG London's sales grew 10.8 per cent during the same period, though sales excluding White Stuff declined. In Australia, while trading remains pressured, recent interest rate cuts and modest sales growth in May point to stabilisation. TFG remains confident in delivering against its medium- and long-term targets through geographic diversification, digital expansion, and cost discipline. TFG's FY25 revenue rose 4.1 per cent to R62.6 billion (~$3.51 billion), driven by strong H2 and UK's White Stuff acquisition. Gross profit rose 6.7 per cent, EPS grew 4.9 per cent, and a 15 per cent higher dividend was declared. TFG Africa led with 9.9 per cent early FY26 sales growth. UK shows signs of recovery; Australia remains pressured. Over 100 new stores and digital investments are planned. Fibre2Fashion News Desk (HU)
